Exxon, Russia's Rosneft to Team Up on Oil Projects

Exxon is teaming up with Russian oil giant Rosneft to develop oil and natural gas fields in Russia and North America.

The companies on Monday signed an agreement that was first announced in August. The signing ceremony in Russia was attended by Russian Prime Minister Vladimir Putin.

Exxon gains access to Russia's prized offshore reserves in the Black and Kara seas. A similar deal involving BP fell through last year.

Rosneft, in turn, gains access to some Exxon projects in the United States and Canada. Its subsidiaries will acquire minority stakes in Exxon investments in oil projects in west Texas, the Gulf of Mexico and Alberta, Canada.